The value of the attached option may be deducted by the market from the 3.5c. As implied previously, the value of the option may be more than some are calculating. IMO, due to this, the market has so far deducted 0.5c from the issue price. Due to the massive annualised volatility within the Black Scholes model, a price in excess of 1c for the option (without including the factor of dilution) may be possible. If so the SP, may have further to fall perhaps, but can't be certain until the dust settles.
Could the issue fail?, page-3
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